Over the last few years political and financial leaders in Europe and the United States have implemented policies, regulations and bailouts costing global taxpayers trillions of dollars with the promise that these measures would lead to economic growth and recovery.

What happened in Europe today is yet further proof that nothing they’ve done has fixed the underlying fundamental issues surrounding the events that led to the crash of 2008.

For those who don’t believe the government is prepared to take extreme measures that may include the seizing of retirement accounts, cash savings or even gold, look no further than Cyprus, the latest recipient of bank bailouts.

As of right now, citizens of Cyprus are scrambling to withdraw funds from their bank accounts after the EU, with agreement from the Cypriot government, announced they will decimate funds held in personal bank accounts to the tune of up to 10% of existing deposits.

You read that right.

The European Union has made the determination that the people of Cyprus are now responsible for the hundreds of billions of dollars in bad bets made by their government and bank financiers, and they are moving to confiscate money directly from the bank accounts of every citizen in the country.

Restrictions have been imposed to stop people emptying their accounts or moving their money out the country after the Cypriot government announced that up to ten per cent of deposits will be seized and used to bailout the island’s crisis-hit banking system.

The deal with other eurozone finance ministers is the first time that ordinary citizens’ deposits have been directly raided in this way.

Under the deal, all bank deposits over €100,000 will be hit with a levy of 9.9 per cent. Those with smaller savings will pay 6.75 per cent.

…

The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.

…

‘Why would you risk putting your money in Greek, Spanish or Portuguese banks after this?’

British expats were stunned by the news, with many left high and dry by the restrictions on accounts.

Cash machines had been working, but many ran out of notes because of the panic withdrawals.

…

But financial experts said the raid – designed to stop Cyprus crashing out of the euro, potentially destroying the currency – would send shock waves through the eurozone.

If savers in other troubled nations fear their accounts might be next, they could withdraw their money and spark a catastrophic run on the banks.

Source: Daily Mail

They’re calling it a “tax.”

As Market Ticker’s Karl Denninger notes, “Like hell that’s a tax. That’s direct confiscation of the funds of people who did nothing wrong!”

It should now be obvious. There is no recovery. There never was.

No matter where you live, your government is likely preparing measures to deal with the coming financial and economic collapse. This means they are going to be coming for anything of value that they can get their hands on.

If you have the majority of your net worth allocated in bank accounts, money market funds, retirement plans, stock markets or the host of other ‘safe’ assets recommended by your financial adviser, then you are playing Russian roulette.

I spoke to my cousin in Ireland yesterday ( ST Patricks day), the Irish gov't has insituted property taxes for the first time, while the amount was not much it is a first time tax, with sever fines ( irish are noted for not paying tax) my cousin was less upset about it, when i told him what I pay in the different states for real estate alone. I only found out my best friend and hunting buddy over there was forced retirement last week with the phone company, I won't be getting anymore calls off the pole!!

03-18-2013, 10:52 AM

Ken3030

Saw that yesterday. WTF Now Italy is talking about taking 15% of savings accounts.
I think this is coming to a country near you soon...........I think they'll be raiding savings accts as well as retirement accts.

This chicken shit little town I live in is squeezing everything they can out of us. Raised property taxes, sales taxes, now the water and electricity rates. Meanwhile they have a police force of 55 for a city of 12,000 people, got 4 or maybe its 5 ex-police chiefs drawing big retirement checks. One of them just retired, drawing his money and he's got another job with the city for more than he was making before. Its almost funny, but its not, looks like the keystone cops when there is a fender bender. 5-6 cop cars about running over each other to get to the wreck!

03-18-2013, 11:41 AM

j427x

yea it is just a matter of time before we in the US gets hit with a 15-23% universal VAT

and an internet sales tax.

03-18-2013, 12:29 PM

tanvil

Quote:

Originally Posted by Ken3030

Saw that yesterday. WTF Now Italy is talking about taking 15% of savings accounts.
I think this is coming to a country near you soon...........I think they'll be raiding savings accts as well as retirement accts.

Whoa, I just read the article about Italy. Not very encouraging.

I think this kind of dovetails with another thread on here.

03-18-2013, 12:31 PM

Bradrock

I knew there must be SOME advantage to having ALL of my savings into parts kits & ammo!! Heh...Heh

03-18-2013, 12:56 PM

tanvil

Here's one that not too many of the modern generation seems to remember.

Executive order 6102.

Section 2.
All persons are hereby required to deliver on or before May 1, 1933, to a Federal Reserve bank or a branch or agency thereof or to any member bank of the Federal Reserve System all gold coin, gold bullion, and gold certificates now owned by them or coming into their ownership on or before April 28, 1933, except the following:

Section 9.
Whoever willfully violates any provision of this Executive Order or these regulation or of any rule, regulation or license issued there under may be fined not more than $10,000, or,if a natural person may be imprisoned for not more than ten years or both; and any officer, director, or agent of any corporation who knowingly participates in any such violation may be punished by a like fine, imprisonment, or both.

03-19-2013, 03:25 AM

SouthTexasGuy

There is a kit that will cure all that.

1.) rope
2.) Lamp post
3.) Politicians

The kit requires some assembling. :)

03-19-2013, 10:03 AM

Sprat

after watching the Speical report with Bret Bair last night i am seriously considering cleaning out my euro bank account, not alot of money but enough to not want those greedy( socialist) politicans from getting it. last fall I left a hefty amount. the nice thing I can do a withdrawal to a us bank by internet.

for the record; many years ago i almost married a Irish woman, I opened a bank account for money transfers and to have then Irish pounds on hand, when i traveled. then came the euro and the exchange rate made me a few pounds, now I keep a small amount so when i get off the plane I just use my euro debt card. so there is no vast fortune there just enough. oh it is now illegal for americans to open accounts in euro banks without residency.

our money here in the US is covered by the US FDIC, moneys overseas are not, I often wondered what would happen if we all lost our money were would the insurance companies make up the difference guess it would not matter once we are all in FEMA camps